Mar 8, 2024,02:48am EST
Bloomberg reports that projections for Singapore’s economic growth in 2024 have seen a remarkable rise, attributed to the city-state’s hosting of Taylor Swift’s extensive Eras tour, the exclusive Southeast Asian stop on her global itinerary.
KEY FACTS
According to Bloomberg’s economist survey, Singapore’s gross domestic product (GDP) for the first quarter of 2024 is now forecasted to grow at 2.9%, with annual growth expected to reach 2.5%—an increase from earlier estimates of 2.3%. Swift is set to perform the fifth show of her six-concert tour in Singapore on Friday evening, each drawing crowds of over 50,000 attendees. Economists highlighted in the report anticipate a significant boost to Singapore’s economy in Q1, estimating an addition of $225 to $300 million (SGD 300-400 million) due to the large influx of foreign tourists attending the concerts.
NEWS PEG
After Swift announced her tour dates for Singapore last year, hotel bookings surged by 10% for March 2024, as per hotel analytics firm Smith Travel Research. The firm’s data also revealed that hotel occupancy levels in early March will be notably higher than in any other period in the first eight months of 2024. Flight sales to Singapore during March 1-9 increased by 186%, as reported by travel site Trip.com. Low-cost airline JetStar Asia noted a 20% rise in demand for flights from Bangkok, Manila, and Jakarta to Singapore during the same period.
KEY BACKGROUND
The projected economic boost aligns with the Singapore government’s decision to secure Swift’s exclusive performance in the city-state. Prime Minister Lee Hsien Loong revealed that government agencies negotiated with Swift to make Singapore her only Southeast Asian stop. While incentives were provided from the government’s post-pandemic tourism fund, the exact amount remains undisclosed. Culture and Youth Minister Edwin Tong dismissed speculation regarding Swift’s payment, suggesting the incentive is likely around $2-3 million for her entire tour, contrary to higher figures speculated earlier.